VICI invests $150M in Canyon Ranch expansion

Will bolster company’s growth as it builds more resorts, wellness clubs

Vici's Edward B. Pitoniak and Canyon Ranch's Jeff Kuster (Vici Properties, Canyon Ranch, Getty)

TRD Staff

Jul 27, 2023, 7:00 PM

VICI Properties has made a healthy investment in a Fort Worth wellness company’s expansion plans.

VICI, a New York-based real estate investment trust specializing in entertainment projects, has dished out $150 million to Canyon Ranch, the Dallas Business Journal reported.

Canyon Ranch, headed by CEO Jeff Kuster, creates luxury resorts and wellness clubs geared toward the health needs of individuals. The firm has three resorts, in Massachusetts, Arizona and California, with another on the way in Austin.

Canyon Ranch plans to expand its operations across the country, with VICI’s investment aiding its growth. The company aims to build resorts in Florida, the Pacific Northwest and the Southeast Atlantic by 2030.

The company has begun placing more emphasis on wellness clubs, which provide similar services to the resorts. The firm plans to open a wellness club in the Crescent-Fort Worth hotel later this year.

It’s not the first time Canyon Ranch and VICI have worked together. VICI provided a construction loan for the firm’s Austin resort last year, which will convert to a sale leaseback when the property becomes stable, the outlet said.

VICI has invested in a number of high-profile entertainment destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas.

—Quinn Donoghue

Austin